4. Contribute to a Medical Flexible Spending Account (FSA)

Medical flexible spending accounts (FSAs) offer the same tax benefits as health savings accounts, with the main difference being that money within an HSA rolls over year-to-year, while FSAs only allow a $500 carryover each year. This essentially makes FSAs “use it or lose it”.

Still, the tax breaks are a good way to significantly reduce the cost of your care. Contributing enough to cover your expected out-of-pocket medical expenses is usually a good idea.

5. Participate in Wellness Programs

Wellness programs typically offer financial incentives to employees for having certain types of care done or for participating in certain healthy activities. For example, you might get a small reward for having your annual physical as a way to promote proactive healthcare.

While the overall effectiveness of these programs can be questioned, as an employee you stand to benefit from participating and getting some of your hard-earned money back.

Cut Costs, Not Care

It’s always important to get the care you need and to have insurance that protects you from the big potential costs of a hospital stay or a chronic condition. There’s no sense in skimping when it’s your health at stake.

At the same time, there are certainly opportunities to reduce the cost of that care. Keep an eye out for these opportunities during your next open enrollment period, and hopefully you can get the care you need at a cost you can afford.